Mifid II was a compromise, but the UK will lead the way with Mifid III says politician Kay Swinburne January 30, 2018 The UK’s voice of the City in the European parliament, Conservative politician Kay Swinburne, has said that legislators are already planning to overhaul a massive new piece of regulation which came into force earlier this month. The second Markets in Financial Instruments Directive, or Mifid II, aims to increase transparency across all areas of financial [...]
MPs haul Carillion directors in for grilling over firm’s collapse January 24, 2018 Two of the Commons’ most powerful committees have ordered former Carillion directors – including ex-chairman Philip Green – to give evidence as part of a joint inquiry into the construction giant’s collapse. The Work and Pensions Committee, headed by Labour’s Frank Field, and the BEIS Committee, headed by his colleague Rachel Reeves, have launched a [...]
Tech predictions for 2018: Drones, crypto, and the rise of the robots January 15, 2018 The pace of technological change can seem exciting and daunting in equal measure. 2017, while seeing continued financial growth in the tech sector, brought even more sharply into focus the challenges inherent with the inexorable march of progress. From Amazon to Uber, tech giants saw their practices and business models scrutinised more deeply than ever [...]
Philip Hammond to EU: Ditch the Brexit punishment and start talking trade January 10, 2018 Philip Hammond will tonight slam the “relative silence” of the EU over our future trading partnership and stress the bloc must ditch any thoughts of “punishing” the UK for Brexit. Speaking at the Die Welt economic summit dinner in Berlin this evening, the chancellor will tell the EU that “it takes two to tango” and [...]
Place your bets and prepare for a year of Brexit breakthroughs January 4, 2018 The Brexit rollercoaster ride began in March 2017 when Theresa May triggered Article 50, starting the formal process for the UK to leave the EU. There have been thrills and spills, highs and lows, but the year ended well, with an agreement that talks could move to the next stage. On 14 December, the European [...]
Business as usual: Chancellor Philip Hammond to take LSE boss on China trade mission December 11, 2017 Chancellor Philip Hammond will this week lead a trade mission to China along with City representatives – including a senior executive from the London Stock Exchange (LSE) ahead of a crunch shareholder vote. Hammond will be joined by HSBC chairman Mark Tucker, City of London Corporation policy chair Catherine McGuinness, and Square Mile grandee and [...]
Brexit will require major review of financial services regulation, claims IRSG and Linklaters report December 8, 2017 Brexit will force an overhaul of the UK’s regulation of financial services, creating new checks and balances to ensure the system remains “proportionate, coherent and fit for purpose”, a new report argues. Rule-making currently exercised jointly by the European Parliament and member states through the Council of Ministers and responsibilities from the European Supervisory Authorities [...]
City patience over Brexit wears thin as DUP impasse continues while Davis admits no impact assessments, Hammond admits no “end state” discussions December 7, 2017 City chiefs are rapidly losing patience with the government’s handling of Brexit negotiations, as the deadlock on the Irish border continues to hold back talks. There was no end to the deadlock on the Irish border proposal yesterday, despite a “constructive” phone call between Theresa May and Arlene Foster, leader of power-brokers the DUP. The [...]
“Shorter, sharper” corporate governance code welcomed as step to restore public’s trust in business December 5, 2017 The UK’s top accounting regulator today publishes a “shorter, sharper” corporate governance code that aligns the pay of top execs and workers. Proposals by the Financial Reporting Council (FRC) were welcomed by leading HR and governance bodies. The code includes requirements for UK firms to ensure board appointments are “based on merit” rather than “group [...]
Mayor Sadiq Khan takes control of West Ham United home ground London stadium due to Boris Johnson’s “financial mismanagement” December 1, 2017 Mayor of London Sadiq Khan has accused his predecessor Boris Johnson of “panicking” over the London Stadium transformation, and has taken control of the project – West Ham United’s home ground – “to put it on a more secure financial footing”. Khan today published an independent review into the mismanagement of the London Stadium by [...]